The Only Thing We Have to Fear Is Fear Itself

Posted By Randy Jones on
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March 2, 2009

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FDR’s famous words were echoed this weekend as Warren Buffett released his latest shareholder’s letter, indicating that Berkshire Hathaway had lost $11.5 billion in net worth in 2008, the worst performance in the 44 years he has been managing the company. As usual, Buffett makes a very good point when he says, “The U.S.—and much of the world—became trapped in a vicious negative-feedback cycle. Fear led to business contraction, and that in turn led to even greater fear.” Buffett reminds us, “Amid this bad news, however, never forget that our country has faced far worse travails in the past. In the 20th Century alone, we dealt with two great wars (one of which we initially appeared to be losing); a dozen or so panics and recessions; virulent inflation that led to a 211⁄2% prime rate in 1980; and the Great Depression of the 1930s, when unemployment ranged between 15% and 25% for many years. America has had no shortage of challenges.” Somehow I feel better knowing that the world’s greatest investor feels the same pain that I am feeling. I’m comforted that one of the world’s richest men believes this too shall pass, if we don’t continue to feed the monster of negativity. It seems to me that we need to take Buffet’s advice and say “Down with the doom-mongering” and get on with the the hard work of rebuilding our enterprises and our country. Now is the time for a healthy dose of American optimism.

Categories: In the news, Investing and Wealth Management
Tags: Berkshire Hathaway, FDR, Franklin Delano Roosevelt, Warren Buffett

About The Author

Randy Jones

W. Randall Jones is the author of The Richest Man in Town. Visit the About W. Randall Jones and About The Richest Man in Town pages to learn more.

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